Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
As the UK financial services industry seeks to navigates the legal changes that come with the UK's departure from the European Union, Norton Rose Fulbright has contributed to a new Oxford University Press practitioner law publication, 'Brexit and Financial Regulation'.
Written before the UK left the EU at the end of January 2020, the book provides guidance on the legal complexities of Brexit as it applies to financial institutions through the eyes of leading lawyers. It considers, from a financial services perspective, the draft withdrawal agreement and political declaration on the future EU/UK relationship that was approved at the negotiators’ level on both sides in November 2018 and further amended in October 2019. It also navigates the future of the EU and UK's approach to bank and investment firm authorisation, the EU concept of equivalence and changes to key pieces of EU legislation.
The book was edited by Jonathan Herbst (global head of financial services) and Simon Lovegrove (global head of FS knowledge, innovation and products), who also authored a chapter on the withdrawal agreement and political declaration on the future EU/UK relationship. Members of the wider team also contributed their insights on a number of areas, including on the EU approach to authorisation in Germany, France, the Netherlands, the impact of the UK senior managers' regime, and the Solvency II Directive.
Published by Oxford University Press, it can be purchased/downloaded with a 20 per cent discount.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).